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Download 2010 tax forms Tiene que Ser Ciudadano o Extranjero Residente de los Estados Unidos Durante Todo el Año Casados que presentan la declaración por separado, Casados que Presentan la Declaración por Separado, Cómo presentar la declaración. Download 2010 tax forms , Reglas Especiales, Requisito 3. Download 2010 tax forms Su Estado Civil para Efectos de la Declaración no Puede Ser Casado que Presenta la Declaración por Separado Beneficios del Seguro Social y de jubilación para empleados ferroviarios, Beneficios no sujetos a impuestos. Download 2010 tax forms Cómo presentar la declaración, Cómo presentar la declaración. Download 2010 tax forms Crédito por ingreso del trabajo, Reglas Especiales Créditos, trato de, Reglas Especiales Declaración conjunta del impuesto estatal y local sobre el ingreso presentada, pero declaraciones separadas del impuesto federal sobre el ingreso, Declaraciones conjuntas estatales y locales. Download 2010 tax forms Deducción de intereses sobre un préstamo de estudios, ¿Puede Reclamar la Deducción? Deducción por matrícula y, Deducción por Matrícula y Cuotas Escolares Deducciones Si cambia del método de las deducciones detalladas a otro, o viceversa, Personas casadas que presentan la declaración por separado. Download 2010 tax forms Trato de, Reglas Especiales Deducciones detalladas, Reglas Especiales, Personas casadas que presentan la declaración por separado. Download 2010 tax forms Uno de los cónyuges detalla las deducciones, por lo tanto, el otro debe detallarlas también, Personas que no reúnen los requisitos para la deducción estándar. Download 2010 tax forms Estados donde rige la ley de los bienes gananciales, Estados donde rige la ley de los bienes gananciales. Download 2010 tax forms Gastos médicos y dentales, Declaraciones por separado. Download 2010 tax forms Impuestos estatales y locales sobre los ingresos, Declaraciones federales separadas. Download 2010 tax forms Propiedad conyugal, asignación de impuestos sobre bienes raíces, Tenencia en su totalidad. Download 2010 tax forms Reinversiones, Reglas Especiales Traslado de pérdida de capital, Declaraciones conjuntas y separadas. Download 2010 tax forms Casas de alojamiento, Unidad habitable. Download 2010 tax forms Casas de vacaciones Cómo determinar si se usa como vivienda, Ejemplos. Download 2010 tax forms Gastos de alquiler, Uso Personal de una Unidad Habitable (Incluyendo una Casa de Vacaciones), Cómo Dividir los Gastos, Unidad Habitable Usada como Vivienda Puntos, Deducción Permitida en el Año del Pago Caudales hereditarios, Ingresos de herencias y de fideicomisos. Download 2010 tax forms , Bienes heredados de una persona que falleció en el año 2010. Download 2010 tax forms (see also Beneficiarios de caudales hereditarios) (see also Herencia) Impuesto, Impuestos y Cargos que no Puede Deducir, Impuesto Federal sobre la Herencia Atribuible a los Ingresos de un Difunto (see also Impuesto sobre caudales hereditarios) Anualidad de sobreviviente, Deducción del impuesto sobre la herencia. Download 2010 tax forms Ingresos, Ingresos de herencias y de fideicomisos. Download 2010 tax forms Intereses procedentes de inversiones, Socios, accionistas y beneficiarios. Download 2010 tax forms Cementerios Donaciones caritativas hechas a, Tipos de Organizaciones Calificadas Centro de Ayuda al Contribuyente, Recordatorios Centros de rehabilitación para la adicción a alcohol Posibilidad de deducir como gasto médico, Tabla 21-1. Download 2010 tax forms Lista de Gastos Médicos y Dentales. Download 2010 tax forms Vea la Publicación 502 para más información sobre estos gastos, entre otros. Download 2010 tax forms Centros de rehabilitación para la adicción a drogas o alcohol Posibilidad de deducir como gasto médico, Tabla 21-1. Download 2010 tax forms Lista de Gastos Médicos y Dentales. Download 2010 tax forms Vea la Publicación 502 para más información sobre estos gastos, entre otros. Download 2010 tax forms Certificación firmada por un médico, Total y permanentemente incapacitado. Download 2010 tax forms Certificado de crédito hipotecario (MCC, por sus siglas en inglés), Quién reúne los requisitos. Download 2010 tax forms Certificado de dividendo diferido, Certificado de dividendo diferido. Download 2010 tax forms Certificados de depósito (CD), Certificados de depósito. Download 2010 tax forms , Arreglos de Ahorros para la Jubilación (Arreglos IRA) (see also Arreglos de ahorros para la jubilación (IRA, por sus siglas en inglés)) Certificados del mercado monetario, Certificados de depósito y otras cuentas de intereses diferidos. 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Download 2010 tax forms Empleo (see Empleo en el extranjero) Exclusión del ingreso del trabajo, Recordatorios Prórroga del plazo para presentar la declaración, Individuos/Personas Físicas Fuera de los Estados Unidos Requisitos para la presentación de la declaración, Ciudadanos de los Estados Unidos y Residentes Extranjeros que Viven Fuera de los Estados Unidos Retención de distribuciones de un arreglo IRA , Distribuciones de un arreglo IRA enviadas fuera de los Estados Unidos. Download 2010 tax forms Viajes por motivo de negocio fuera de los EE. Download 2010 tax forms UU. Download 2010 tax forms , Viajes Fuera de los Estados Unidos, Viaje Principalmente por Motivo de Negocios, Viajes Principalmente por Motivos Personales Asignación estándar para comidas, Asignación estándar de comidas para zonas fuera de los Estados Unidos continentales. Download 2010 tax forms Personas que trabajan por cuenta propia, Excepción 1 − Ningún control sustancial. 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Tax Law Changes Related to National Disaster Relief

FS-2009-8, January 2009

(Updated June 21, 2010 — For information regarding the filing of 2009 income tax returns, refer to the last section of this document, "Reporting Losses from a Federally Declared Disaster Occurring in 2010.")

The National Disaster Relief Act of 2008, Subtitle B or Title VII of the Emergency Economic Stabilization Act of 2008, signed into law on Oct. 3, 2008, as Public Law 110-343, provides tax relief for victims of federally declared disasters occurring after
Dec. 31, 2007, and before Jan. 1, 2010.

Prior to enactment of the National Disaster Relief Act, when a major disaster struck, Congress would draft legislation providing targeted tax benefits for taxpayers affected by the disaster that were specific to that particular disaster.

The National Disaster Relief Act, which provides a broad package of tax benefits that may be used by anyone who is affected by a federally declared disaster, effectively replaces the strategy of providing targeted benefits for disaster victims in the weeks or months following the incident. Certain provisions of the National Disaster Relief Act of 2008 do not apply to the Midwestern disaster areas –– disasters affecting the Midwest that were declared from May 20, 2008 through July 31, 2008 –– because the Heartland and Hurricane Ike Disaster Relief Act, part of the same legislation that resulted in the National Disaster Relief Act, provides other tax benefits. See Publication 4492-B for detailed information on the tax benefits that apply to the Midwestern disaster areas. 

The National Disaster Relief Act provides the following tax benefits: 

  • Allows all taxpayers, not just those who itemize, to claim the casualty loss deduction regardless of the taxpayer’s adjusted gross income level;
  • Increases the amount by which all individual taxpayers must reduce their personal casualty losses from each casualty from $100 to $500 for taxable years beginning after Dec. 31, 2008. The reduction amount returns to $100 for taxable years beginning after Dec. 31, 2009;   
  • Removes the requirement that the net casualty loss deduction be allowed only if the casualty loss exceeds 10 percent of the taxpayer’s adjusted gross income;
  • Provides a five-year net operating loss (NOL) carryback for qualified natural disaster losses.
  • Waives certain mortgage revenue bond requirements for affected taxpayers and allows the bond proceeds to be used for rebuilding.

For business taxpayers, the Act also:   

  • Allows an affected business taxpayer to deduct certain qualified disaster cleanup expenses;
  • Allows an affected business taxpayer to deduct 50 percent of the cost of qualifying property in addition to the regular depreciation allowance that is normally available; and
  • Increases the limits that an affected business taxpayer can expense for qualifying section 179 property.

Major portions of the National Disaster Relief Act are highlighted below.

See Publication 547, Casualties, Disasters, and Thefts, for information necessary in preparing 2008 tax returns. 

Section 706: Losses Attributable to Federally Declared Disasters

Section 706 of the National Disaster Relief Act provides relief to individual taxpayers whose personal-use property was damaged or destroyed by a casualty in a federally declared disaster area. 

Under prior law, individuals who suffered casualty losses as a result of a Presidentially-declared disaster –– the term was redefined as “federally declared disaster” in the legislation –– were required to reduce the loss from each casualty event by $100 and reduce the total of their casualty losses for the tax year by 10 percent of their adjusted gross income. In addition, these individuals were required to claim their casualty losses as an itemized deduction. 

The new law removes the 10 percent of adjusted gross income limitation for net disaster losses and allows individuals to claim the net disaster losses even if they do not itemize their deductions. 

To qualify, a loss must be attributable to a federally declared disaster and occur in an area determined by the President to warrant federal assistance. A federally declared disaster is any disaster subsequently determined by the President to warrant assistance by the federal government under the Stafford Act. The deduction is limited to the “net disaster loss” which consists of the excess of personal casualty losses attributable to a federally declared disaster over personal casualty gains. The new law is effective for disasters declared in taxable years beginning after Dec. 31, 2007, and occurring before Jan. 1, 2010. Information on disaster declarations and the areas they encompass may be found at the Federal Emergency Management Agency (FEMA) Web site.

The new law also changes the amount by which all individual taxpayers must reduce their personal casualty losses from each casualty from $100 to $500. This change is effective for taxable years beginning after Dec. 31, 2008. The reduction amount returns to $100 for taxable years beginning after Dec. 31, 2009.   

For more information on these tax law changes, see Publication 547, Casualties, Disasters, and Thefts.

Section 712 provides that these changes to the law do not apply to the casualty losses in the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008. See Publication 4492-B for more information on the Midwestern disaster areas.

Section 707: Expensing of Qualified Disaster Expenses

Section 707 of the National Disaster Relief Act allows taxpayers to elect to currently deduct qualified disaster expenses in the tax year paid or incurred. Qualified disaster expenses consist of expenditures paid or incurred in connection with a trade or business or with business-related property that otherwise must be capitalized and that are:

  • For the abatement or control of hazardous substances that were released on account of a federally declared disaster;
  • Debris removal or demolition of structures on real property damaged or destroyed by a federally declared disaster; or
  • For the repair of business-related property damaged by a federally declared disaster. 

As previously explained, a federally declared disaster is any disaster subsequently determined by the President to warrant assistance by the federal government under the Stafford Act. This provision is effective for amounts paid or incurred after Dec. 31, 2007, in connection with disasters declared after that date and federally declared disasters occurring before Jan. 1, 2010. 

Section 712 provides that these changes to the law do not apply to the casualty losses in the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008

Section 708: Net Operating Losses Attributable to Federally Declared Disasters

In general, a net operating loss is carried back two years and carried forward 20. Section 708 of the National Disaster Relief Act allows taxpayers to carry back a qualified disaster loss five years. A qualified disaster loss is the lesser of the taxpayer’s net operating loss for the taxable year or the sum of the following:

  • The taxpayer’s losses allowable under section 165 of the Internal Revenue Code for the taxable year attributable to a federally declared disaster occurring before Jan. 1, 2010, and occurring in a disaster area; and
  • The taxpayer’s deduction for the taxable year for qualified disaster expenses allowable under section 198A(a) of the Internal Revenue Code (or the amount that would have been allowable if the taxpayer deducted qualified disaster expenses). 

A qualified disaster loss is treated a net operating loss that is separate from the taxpayer’s regular NOL. 

Section 708 also includes a provision that allows taxpayers to elect to disregard the five-year carryback rule for their qualified disaster loss. . 

Finally, Section 708 provides an exception to the general rule that a taxpayer may use an alternative minimum tax (AMT) net operating loss deduction to offset only 90 percent of the taxpayer’s alternative minimum taxable income. Section 708 provides that the 90-percent limit does not apply to the portion of the AMT net operating loss deduction attributable to a qualified disaster loss. 

These rules apply to disasters declared in taxable years beginning after Dec. 31, 2007.  

Section 712 provides that these changes to the law do not apply to the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008.

Section 709: Waiver of Certain Mortgage Revenue Bond Requirements Following Federally Declared Disasters

Section 709 of the National Disaster Relief Act adds new paragraph 12 to section 143(k) of the Internal Revenue Code, which waives certain mortgage revenue bond requirements otherwise applicable where an affected taxpayer’s principal residence is destroyed or damaged as a result of a federally declared disaster. An earlier law, the Housing Assistance Tax Act of 2008 enacted on June 30, 2008, also added a different §143(k)(12) to the Code. So currently there are two §143(k)(12)s in the Code.

New Code section 143(k)(12)(A) provides that, at the election of the taxpayer, if a person’s principal residence is destroyed –– the home is rendered unsafe for use as a result of a federally declared disaster occurring between Dec. 31, 2007 and Jan. 1, 2010, or the home is demolished or relocated because of an order issued as a result of such federally declared disaster occurring during such timeframe –– then for two years following the date of such disaster, the three-year requirement of section 143(d)(1) does not apply and the purchase price requirement is relaxed. Accordingly, such person may receive a mortgage loan financed with the proceeds of tax exempt qualified mortgage bonds regardless of whether he owned his principal residence within three years of receiving such mortgage loan, and such mortgage loan may be for the acquisition of a home which costs 110 percent of the average area purchase price. 

New Code section 143(k)(12)(B) provides that, at the election of the taxpayer, if a person’s principal residence is damaged as a result of a federally declared disaster occurring after Dec. 31, 2007, and before Jan. 1, 2010, any loan taken by such person to repair or reconstruct such residence in an amount equal to the lesser of the cost of such repair or reconstruction or $150,000 may be treated as a qualified rehabilitation loan and thus may be financed using the proceeds of tax-exempt qualified mortgage bonds. An election, once made, cannot be revoked unless permission is granted by the Secretary. 

Section 709 further provides that a taxpayer who makes a section 143(k)(12) election  may not also elect to apply the special rules for residences located in disaster areas found in Code section 143(k)(11). The special rules found in Code section 143(k)(11) allow taxpayers to use the proceeds of tax exempt qualified mortgage bonds issued between May 1, 2008, and Jan. 1, 2010, to finance mortgage loans for residences located in disaster areas for two years from the date of the applicable disaster declaration without regard to the three-year requirement by treating the residence as if it were a targeted area residence for purposes of the purchase price requirement and the income requirements. This provision, unlike § 143(k)(12), does not limit the financing only to those taxpayers whose homes were damaged by the disaster.

Section 712 provides that these changes to the law do not apply to the Midwestern disaster areas declared during the period beginning on May 20, 2008, and ending on July 31, 2008.

Section 710: Special Depreciation Allowance for Qualified Disaster Property

Section 710 of the National Disaster Relief Act provides a special 50 percent depreciation allowance for purchases of qualified disaster assistance property. It allows taxpayers to deduct 50 percent of the cost of qualified disaster assistance property in addition to the regular depreciation allowance that is normally available.

This new special “bonus depreciation” allowance applies to most types of tangible personal property and computer software acquired on or after the date on which the federally declared disaster occurs, and placed in service on or before Dec. 31 of the third year following the date on which the federally declared disaster occurs. In addition, the new bonus depreciation allowance applies to most nonresidential real property and residential rental property acquired on or after the date on which the federally declared disaster occurs, and placed in service on or before Dec. 31 of the fourth year following the date on which the federally declared disaster occurs.

To qualify for the new bonus depreciation allowance, 80 percent or more of the use of the property must be in the disaster area and in the active conduct of a trade or business by the taxpayer in that disaster area. Also, the property owner must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the federally declared disaster and must be similar in nature to, and located in the same county as, the property being rehabilitated or replaced.

Section 711: Increased Expensing for Qualified Disaster Assistance Property

In general, a taxpayer may elect to expense up to a certain amount or dollar limit of section 179 property placed in service during the tax year. However, this dollar limit is reduced, but not below zero, if the cost of section 179 property placed in service during that year exceeds a certain amount, or reduced dollar limit. For 2008, the dollar limit is $250,000 and the reduced dollar limit is $800,000.

Section 711 of the National Disaster Relief Act increases the limits that businesses can expense for qualified section 179 disaster assistance property. Generally, the new law increases the dollar limit that is normally available for a particular tax year by the lesser of $100,000, or the cost of qualified section 179 disaster assistance property placed in service during that year. Also, the new law generally increases the reduced dollar limit that is normally available for a particular year by the lesser of $600,000, or the cost of qualified section 179 disaster assistance property placed in service during that year.    

Qualified section 179 disaster assistance property is section 179 property that is qualified disaster assistance property for purposes of the new bonus depreciation allowance provided under section 710 of the National Disaster Relief Act. Section 179 property is most types of tangible personal property and off-the-shelf computer software.

The new law did not change the amount that a taxpayer can elect to expense for certain sport utility vehicles and certain other vehicles placed in service during the tax year.  Accordingly, a taxpayer cannot elect to expense more than $25,000 of the cost of these types of vehicles.

Section 712: Coordination with Heartland Disaster Relief

Section 712 of the National Disaster Relief Act explains that certain provisions contained in the National Disaster Relief Act do not apply to the Midwestern Disaster Areas. For information specific to the Midwestern Disaster Areas, see Publication 4492-B.

Reporting Losses from a Federally Declared Disaster Occurring in 2010

The National Disaster Relief Act of 2008, Subtitle B or Title VII of the Emergency Economic Stabilization Act of 2008, provided enhanced tax relief for victims of federally declared disasters occurring after Dec. 31, 2007, and before Jan. 1, 2010. Those provisions are not effective for disasters occurring after Dec. 31, 2009. Legislation extending the provisions to disasters occurring before Jan. 1, 2011, has been proposed but has not yet been signed into law.

Because the enhanced casualty loss provisions are not effective for federally declared disasters occurring after Dec. 31, 2009, taxpayers affected by federally declared disasters in 2010 may take the loss into account for tax year 2009. See Page 12 of the 2009 version of Publication 547 for information on elections to deduct disaster losses in the year preceding the disaster year, including the time limits on making such elections.

This means, if you are an affected taxpayer with respect to a federally declared disaster occurring after Dec. 31, 2009, you may claim the loss on your 2009 income tax return. Claiming a loss on your 2009 return will allow you to take advantage of the National Disaster Relief Act provisions effective for tax year 2009. 

Page Last Reviewed or Updated: 20-Mar-2014

The Download 2010 Tax Forms

Download 2010 tax forms Publication 547 - Main Content Table of Contents CasualtyFamily pet. Download 2010 tax forms Progressive deterioration. Download 2010 tax forms Special Procedure for Damage From Corrosive Drywall Theft Loss on Deposits Proof of Loss Figuring a LossGain from reimbursement. Download 2010 tax forms Business or income-producing property. Download 2010 tax forms Loss of inventory. Download 2010 tax forms Leased property. Download 2010 tax forms Exception for personal-use real property. Download 2010 tax forms Decrease in Fair Market Value Adjusted Basis Insurance and Other Reimbursements Deduction Limits2% Rule $100 Rule 10% Rule Figuring the Deduction Figuring a GainPostponement of Gain When To Report Gains and LossesLoss on deposits. Download 2010 tax forms Lessee's loss. Download 2010 tax forms Disaster Area LossesDisaster loss to inventory. Download 2010 tax forms Main home in disaster area. Download 2010 tax forms Unsafe home. 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Download 2010 tax forms An unexpected event is one that is ordinarily unanticipated and unintended. Download 2010 tax forms An unusual event is one that is not a day-to-day occurrence and that is not typical of the activity in which you were engaged. Download 2010 tax forms Generally, casualty losses are deductible during the taxable year that the loss occurred. Download 2010 tax forms See Table 3, later. Download 2010 tax forms Deductible losses. Download 2010 tax forms   Deductible casualty losses can result from a number of different causes, including the following. Download 2010 tax forms Car accidents (but see Nondeductible losses , next, for exceptions). Download 2010 tax forms Earthquakes. Download 2010 tax forms Fires (but see Nondeductible losses , next, for exceptions). Download 2010 tax forms Floods. Download 2010 tax forms Government-ordered demolition or relocation of a home that is unsafe to use because of a disaster as discussed under Disaster Area Losses , later. 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Download 2010 tax forms gov/irb/2009-14_IRB/ar07. Download 2010 tax forms html). Download 2010 tax forms Revenue Procedure 2009-20, 2009-14 I. Download 2010 tax forms R. Download 2010 tax forms B. Download 2010 tax forms 749 (available at www. Download 2010 tax forms irs. Download 2010 tax forms gov/irb/2009-14_IRB/ar11. Download 2010 tax forms html). Download 2010 tax forms Revenue Procedure 2011-58, 2011-50 I. Download 2010 tax forms R. Download 2010 tax forms B. Download 2010 tax forms 847 (available at www. Download 2010 tax forms irs. Download 2010 tax forms gov/irb/2011-50_IRB/ar11. Download 2010 tax forms html). Download 2010 tax forms If you qualify to use Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58, and you choose to follow the procedures in the guidance, first fill out Section C of Form 4684 to determine the amount to enter on Section B, line 28. 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Download 2010 tax forms   The FMV of property immediately after a theft is considered to be zero because you no longer have the property. Download 2010 tax forms Example. Download 2010 tax forms Several years ago, you purchased silver dollars at face value for $150. Download 2010 tax forms This is your adjusted basis in the property. Download 2010 tax forms Your silver dollars were stolen this year. Download 2010 tax forms The FMV of the coins was $1,000 just before they were stolen, and insurance did not cover them. Download 2010 tax forms Your theft loss is $150. Download 2010 tax forms Recovered stolen property. Download 2010 tax forms   Recovered stolen property is your property that was stolen and later returned to you. Download 2010 tax forms If you recovered property after you had already taken a theft loss deduction, you must refigure your loss using the smaller of the property's adjusted basis (explained later) or the decrease in FMV from the time just before it was stolen until the time it was recovered. Download 2010 tax forms Use this amount to refigure your total loss for the year in which the loss was deducted. Download 2010 tax forms   If your refigured loss is less than the loss you deducted, you generally have to report the difference as income in the recovery year. Download 2010 tax forms But report the difference only up to the amount of the loss that reduced your tax. Download 2010 tax forms For more information on the amount to report, see Recoveries in Publication 525. Download 2010 tax forms Figuring Decrease in FMV — Items To Consider To figure the decrease in FMV because of a casualty or theft, you generally need a competent appraisal. Download 2010 tax forms However, other measures also can be used to establish certain decreases. Download 2010 tax forms See Appraisal and Cost of cleaning up or making repairs , next. Download 2010 tax forms Appraisal. Download 2010 tax forms   An appraisal to determine the difference between the FMV of the property immediately before a casualty or theft and immediately afterwards should be made by a competent appraiser. Download 2010 tax forms The appraiser must recognize the effects of any general market decline that may occur along with the casualty. Download 2010 tax forms This information is needed to limit any deduction to the actual loss resulting from damage to the property. Download 2010 tax forms   Several factors are important in evaluating the accuracy of an appraisal, including the following. Download 2010 tax forms The appraiser's familiarity with your property before and after the casualty or theft. Download 2010 tax forms The appraiser's knowledge of sales of comparable property in the area. Download 2010 tax forms The appraiser's knowledge of conditions in the area of the casualty. Download 2010 tax forms The appraiser's method of appraisal. Download 2010 tax forms You may be able to use an appraisal that you used to get a federal loan (or a federal loan guarantee) as the result of a federally declared disaster to establish the amount of your disaster loss. Download 2010 tax forms For more information on disasters, see Disaster Area Losses, later. Download 2010 tax forms Cost of cleaning up or making repairs. Download 2010 tax forms   The cost of repairing damaged property is not part of a casualty loss. Download 2010 tax forms Neither is the cost of cleaning up after a casualty. Download 2010 tax forms But you can use the cost of cleaning up or of making repairs after a casualty as a measure of the decrease in FMV if you meet all the following conditions. Download 2010 tax forms The repairs are actually made. Download 2010 tax forms The repairs are necessary to bring the property back to its condition before the casualty. Download 2010 tax forms The amount spent for repairs is not excessive. Download 2010 tax forms The repairs take care of the damage only. Download 2010 tax forms The value of the property after the repairs is not, due to the repairs, more than the value of the property before the casualty. Download 2010 tax forms Landscaping. Download 2010 tax forms   The cost of restoring landscaping to its original condition after a casualty may indicate the decrease in FMV. Download 2010 tax forms You may be able to measure your loss by what you spend on the following. Download 2010 tax forms Removing destroyed or damaged trees and shrubs, minus any salvage you receive. Download 2010 tax forms Pruning and other measures taken to preserve damaged trees and shrubs. Download 2010 tax forms Replanting necessary to restore the property to its approximate value before the casualty. Download 2010 tax forms Car value. Download 2010 tax forms   Books issued by various automobile organizations that list your car may be useful in figuring the value of your car. Download 2010 tax forms You can use the books' retail values and modify them by factors such as the mileage and condition of your car to figure its value. Download 2010 tax forms The prices are not official, but they may be useful in determining value and suggesting relative prices for comparison with current sales and offerings in your area. Download 2010 tax forms If your car is not listed in the books, determine its value from other sources. Download 2010 tax forms A dealer's offer for your car as a trade-in on a new car is not usually a measure of its true value. Download 2010 tax forms Figuring Decrease in FMV — Items Not To Consider You generally should not consider the following items when attempting to establish the decrease in FMV of your property. Download 2010 tax forms Cost of protection. Download 2010 tax forms   The cost of protecting your property against a casualty or theft is not part of a casualty or theft loss. Download 2010 tax forms The amount you spend on insurance or to board up your house against a storm is not part of your loss. Download 2010 tax forms If the property is business property, these expenses are deductible as business expenses. Download 2010 tax forms   If you make permanent improvements to your property to protect it against a casualty or theft, add the cost of these improvements to your basis in the property. Download 2010 tax forms An example would be the cost of a dike to prevent flooding. Download 2010 tax forms Exception. Download 2010 tax forms   You cannot increase your basis in the property by, or deduct as a business expense, any expenditures you made with respect to qualified disaster mitigation payments (discussed later under Disaster Area Losses ). Download 2010 tax forms Related expenses. Download 2010 tax forms   The incidental expenses due to a casualty or theft, such as expenses for the treatment of personal injuries, for temporary housing, or for a rental car, are not part of your casualty or theft loss. Download 2010 tax forms However, they may be deductible as business expenses if the damaged or stolen property is business property. Download 2010 tax forms Replacement cost. Download 2010 tax forms   The cost of replacing stolen or destroyed property is not part of a casualty or theft loss. Download 2010 tax forms Example. Download 2010 tax forms You bought a new chair 4 years ago for $300. Download 2010 tax forms In April, a fire destroyed the chair. Download 2010 tax forms You estimate that it would cost $500 to replace it. Download 2010 tax forms If you had sold the chair before the fire, you estimate that you could have received only $100 for it because it was 4 years old. Download 2010 tax forms The chair was not insured. Download 2010 tax forms Your loss is $100, the FMV of the chair before the fire. Download 2010 tax forms It is not $500, the replacement cost. Download 2010 tax forms Sentimental value. Download 2010 tax forms   Do not consider sentimental value when determining your loss. Download 2010 tax forms If a family portrait, heirloom, or keepsake is damaged, destroyed, or stolen, you must base your loss on its FMV, as limited by your adjusted basis in the property. Download 2010 tax forms Decline in market value of property in or near casualty area. Download 2010 tax forms   A decrease in the value of your property because it is in or near an area that suffered a casualty, or that might again suffer a casualty, is not to be taken into consideration. Download 2010 tax forms You have a loss only for actual casualty damage to your property. Download 2010 tax forms However, if your home is in a federally declared disaster area, see Disaster Area Losses , later. Download 2010 tax forms Costs of photographs and appraisals. Download 2010 tax forms   Photographs taken after a casualty will be helpful in establishing the condition and value of the property after it was damaged. Download 2010 tax forms Photographs showing the condition of the property after it was repaired, restored, or replaced may also be helpful. Download 2010 tax forms   Appraisals are used to figure the decrease in FMV because of a casualty or theft. Download 2010 tax forms See Appraisal , earlier, under Figuring Decrease in FMV — Items To Consider, for information about appraisals. Download 2010 tax forms   The costs of photographs and appraisals used as evidence of the value and condition of property damaged as a result of a casualty are not a part of the loss. Download 2010 tax forms They are expenses in determining your tax liability. Download 2010 tax forms You can claim these costs as a miscellaneous itemized deduction subject to the 2%-of-adjusted-gross-income limit on Schedule A (Form 1040). Download 2010 tax forms Adjusted Basis The measure of your investment in the property you own is its basis. Download 2010 tax forms For property you buy, your basis is usually its cost to you. Download 2010 tax forms For property you acquire in some other way, such as inheriting it, receiving it as a gift, or getting it in a nontaxable exchange, you must figure your basis in another way, as explained in Publication 551. Download 2010 tax forms If you inherited the property from someone who died in 2010 and the executor of the decedent's estate made the election to file Form 8939, refer to the information provided by the executor or see Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010. Download 2010 tax forms Adjustments to basis. Download 2010 tax forms    While you own the property, various events may take place that change your basis. Download 2010 tax forms Some events, such as additions or permanent improvements to the property, increase basis. Download 2010 tax forms Others, such as earlier casualty losses and depreciation deductions, decrease basis. Download 2010 tax forms When you add the increases to the basis and subtract the decreases from the basis, the result is your adjusted basis. Download 2010 tax forms See Publication 551 for more information on figuring the basis of your property. Download 2010 tax forms Insurance and Other Reimbursements If you receive an insurance or other type of reimbursement, you must subtract the reimbursement when you figure your loss. Download 2010 tax forms You do not have a casualty or theft loss to the extent you are reimbursed. Download 2010 tax forms If you expect to be reimbursed for part or all of your loss, you must subtract the expected reimbursement when you figure your loss. Download 2010 tax forms You must reduce your loss even if you do not receive payment until a later tax year. Download 2010 tax forms See Reimbursement Received After Deducting Loss , later. Download 2010 tax forms Failure to file a claim for reimbursement. Download 2010 tax forms   If your property is covered by insurance, you must file a timely insurance claim for reimbursement of your loss. Download 2010 tax forms Otherwise, you cannot deduct this loss as a casualty or theft. Download 2010 tax forms The portion of the loss usually not covered by insurance (for example, a deductible) is not subject to this rule. Download 2010 tax forms Example. Download 2010 tax forms You have a car insurance policy with a $1,000 deductible. Download 2010 tax forms Because your insurance did not cover the first $1,000 of an auto collision, the $1,000 would be deductible (subject to the $100 and 10% rules, discussed later). Download 2010 tax forms This is true, even if you do not file an insurance claim, because your insurance policy would never have reimbursed you for the deductible. Download 2010 tax forms Types of Reimbursements The most common type of reimbursement is an insurance payment for your stolen or damaged property. Download 2010 tax forms Other types of reimbursements are discussed next. Download 2010 tax forms Also see the Instructions for Form 4684. Download 2010 tax forms Employer's emergency disaster fund. Download 2010 tax forms   If you receive money from your employer's emergency disaster fund and you must use that money to rehabilitate or replace property on which you are claiming a casualty loss deduction, you must take that money into consideration in computing the casualty loss deduction. Download 2010 tax forms Take into consideration only the amount you used to replace your destroyed or damaged property. Download 2010 tax forms Example. Download 2010 tax forms Your home was extensively damaged by a tornado. Download 2010 tax forms Your loss after reimbursement from your insurance company was $10,000. Download 2010 tax forms Your employer set up a disaster relief fund for its employees. Download 2010 tax forms Employees receiving money from the fund had to use it to rehabilitate or replace their damaged or destroyed property. Download 2010 tax forms You received $4,000 from the fund and spent the entire amount on repairs to your home. Download 2010 tax forms In figuring your casualty loss, you must reduce your unreimbursed loss ($10,000) by the $4,000 you received from your employer's fund. Download 2010 tax forms Your casualty loss before applying the deduction limits (discussed later) is $6,000. Download 2010 tax forms Cash gifts. Download 2010 tax forms   If you receive excludable cash gifts as a disaster victim and there are no limits on how you can use the money, you do not reduce your casualty loss by these excludable cash gifts. Download 2010 tax forms This applies even if you use the money to pay for repairs to property damaged in the disaster. Download 2010 tax forms Example. Download 2010 tax forms Your home was damaged by a hurricane. Download 2010 tax forms Relatives and neighbors made cash gifts to you that were excludable from your income. Download 2010 tax forms You used part of the cash gifts to pay for repairs to your home. Download 2010 tax forms There were no limits or restrictions on how you could use the cash gifts. Download 2010 tax forms It was an excludable gift, so the money you received and used to pay for repairs to your home does not reduce your casualty loss on the damaged home. Download 2010 tax forms Insurance payments for living expenses. Download 2010 tax forms   You do not reduce your casualty loss by insurance payments you receive to cover living expenses in either of the following situations. Download 2010 tax forms You lose the use of your main home because of a casualty. Download 2010 tax forms Government authorities do not allow you access to your main home because of a casualty or threat of one. Download 2010 tax forms Inclusion in income. Download 2010 tax forms   If these insurance payments are more than the temporary increase in your living expenses, you must include the excess in your income. Download 2010 tax forms Report this amount on Form 1040, line 21. Download 2010 tax forms However, if the casualty occurs in a federally declared disaster area, none of the insurance payments are taxable. Download 2010 tax forms See Qualified disaster relief payments , later, under Disaster Area Losses. Download 2010 tax forms   A temporary increase in your living expenses is the difference between the actual living expenses you and your family incurred during the period you could not use your home and your normal living expenses for that period. Download 2010 tax forms Actual living expenses are the reasonable and necessary expenses incurred because of the loss of your main home. Download 2010 tax forms Generally, these expenses include the amounts you pay for the following. Download 2010 tax forms Renting suitable housing. Download 2010 tax forms Transportation. Download 2010 tax forms Food. Download 2010 tax forms Utilities. Download 2010 tax forms Miscellaneous services. Download 2010 tax forms Normal living expenses consist of these same expenses that you would have incurred but did not because of the casualty or the threat of one. Download 2010 tax forms Example. Download 2010 tax forms As a result of a fire, you vacated your apartment for a month and moved to a motel. Download 2010 tax forms You normally pay $525 a month for rent. Download 2010 tax forms None was charged for the month the apartment was vacated. Download 2010 tax forms Your motel rent for this month was $1,200. Download 2010 tax forms You normally pay $200 a month for food. Download 2010 tax forms Your food expenses for the month you lived in the motel were $400. Download 2010 tax forms You received $1,100 from your insurance company to cover your living expenses. Download 2010 tax forms You determine the payment you must include in income as follows. Download 2010 tax forms 1. Download 2010 tax forms Insurance payment for living expenses $1,100 2. Download 2010 tax forms Actual expenses during the month you are unable to use your home because of the fire $1,600   3. Download 2010 tax forms Normal living expenses 725   4. Download 2010 tax forms Temporary increase in living expenses: Subtract line 3  from line 2 875 5. Download 2010 tax forms Amount of payment includible in income: Subtract line 4 from line 1 $ 225 Tax year of inclusion. Download 2010 tax forms   You include the taxable part of the insurance payment in income for the year you regain the use of your main home or, if later, for the year you receive the taxable part of the insurance payment. Download 2010 tax forms Example. Download 2010 tax forms Your main home was destroyed by a tornado in August 2011. Download 2010 tax forms You regained use of your home in November 2012. Download 2010 tax forms The insurance payments you received in 2011 and 2012 were $1,500 more than the temporary increase in your living expenses during those years. Download 2010 tax forms You include this amount in income on your 2012 Form 1040. Download 2010 tax forms If, in 2013, you receive further payments to cover the living expenses you had in 2011 and 2012, you must include those payments in income on your 2013 Form 1040. Download 2010 tax forms Disaster relief. Download 2010 tax forms   Food, medical supplies, and other forms of assistance you receive do not reduce your casualty loss, unless they are replacements for lost or destroyed property. Download 2010 tax forms Table 2. Download 2010 tax forms Deduction Limit Rules for Personal-Use and Employee Property       $100 Rule 10% Rule 2% Rule General Application You must reduce each casualty or theft loss by $100 when figuring your deduction. Download 2010 tax forms Apply this rule to personal-use property after you have figured the amount of your loss. Download 2010 tax forms You must reduce your total casualty or theft loss by 10% of your adjusted gross income. Download 2010 tax forms Apply this rule to personal-use property after you reduce each loss by $100 (the $100 rule). Download 2010 tax forms You must reduce your total casualty or theft loss by 2% of your adjusted gross income. Download 2010 tax forms Apply this rule to property you used in performing services as an employee after you have figured the amount of your loss and added it to your job expenses and most other miscellaneous itemized deductions. Download 2010 tax forms Single Event Apply this rule only once, even if many pieces of property are affected. Download 2010 tax forms Apply this rule only once, even if many pieces of property are affected. Download 2010 tax forms Apply this rule only once, even if many pieces of property are affected. Download 2010 tax forms More Than One Event Apply to the loss from each event. Download 2010 tax forms Apply to the total of all your losses from all events. Download 2010 tax forms Apply to the total of all your losses from all events. Download 2010 tax forms More Than One Person— With Loss From the   Same Event  (other than a married couple  filing jointly) Apply separately to each person. Download 2010 tax forms Apply separately to each person. Download 2010 tax forms Apply separately to each person. Download 2010 tax forms Married Couple—  With Loss From the  Same Event Filing Joint Return Apply as if you were one person. Download 2010 tax forms Apply as if you were one person. Download 2010 tax forms Apply as if you were one person. Download 2010 tax forms Filing Separate Return Apply separately to each spouse. Download 2010 tax forms Apply separately to each spouse. Download 2010 tax forms Apply separately to each spouse. Download 2010 tax forms More Than One Owner (other than a married couple filing jointly) Apply separately to each owner of jointly owned property. Download 2010 tax forms Apply separately to each owner of jointly owned property. Download 2010 tax forms Apply separately to each owner of jointly owned property. Download 2010 tax forms    Qualified disaster relief payments you receive for expenses you incurred as a result of a federally declared disaster, are not taxable income to you. Download 2010 tax forms For more information, see Qualified disaster relief payments under Disaster Area Losses, later. Download 2010 tax forms   Disaster unemployment assistance payments are unemployment benefits that are taxable. Download 2010 tax forms   Generally, disaster relief grants received under the Robert T. Download 2010 tax forms Stafford Disaster Relief and Emergency Assistance Act are not included in your income. Download 2010 tax forms See Federal disaster relief grants , later, under Disaster Area Losses. Download 2010 tax forms Loan proceeds. Download 2010 tax forms   Do not reduce your casualty loss by loan proceeds you use to rehabilitate or replace property on which you are claiming a casualty loss deduction. Download 2010 tax forms If you have a federal loan that is canceled (forgiven), see Federal loan canceled , later, under Disaster Area Losses. Download 2010 tax forms Reimbursement Received After Deducting Loss If you figured your casualty or theft loss using the amount of your expected reimbursement, you may have to adjust your tax return for the tax year in which you get your actual reimbursement. Download 2010 tax forms This section explains the adjustment you may have to make. Download 2010 tax forms Actual reimbursement less than expected. Download 2010 tax forms   If you later receive less reimbursement than you expected, include that difference as a loss with your other losses (if any) on your return for the year in which you can reasonably expect no more reimbursement. Download 2010 tax forms Example. Download 2010 tax forms Your personal car had a FMV of $2,000 when it was destroyed in a collision with another car in 2012. Download 2010 tax forms The accident was due to the negligence of the other driver. Download 2010 tax forms At the end of 2012, there was a reasonable prospect that the owner of the other car would reimburse you in full. Download 2010 tax forms You did not have a deductible loss in 2012. Download 2010 tax forms In January 2013, the court awards you a judgment of $2,000. Download 2010 tax forms However, in July it becomes apparent that you will be unable to collect any amount from the other driver. Download 2010 tax forms Since this is your only casualty or theft loss, you can deduct the loss in 2013 that is figured by applying the Deduction Limits (discussed later). Download 2010 tax forms Actual reimbursement more than expected. Download 2010 tax forms   If you later receive more reimbursement than you expected, after you have claimed a deduction for the loss, you may have to include the extra reimbursement in your income for the year you receive it. Download 2010 tax forms However, if any part of the original deduction did not reduce your tax for the earlier year, do not include that part of the reimbursement in your income. Download 2010 tax forms You do not refigure your tax for the year you claimed the deduction. Download 2010 tax forms See Recoveries in Publication 525 to find out how much extra reimbursement to include in income. Download 2010 tax forms Example. Download 2010 tax forms In 2012, a hurricane destroyed your motorboat. Download 2010 tax forms Your loss was $3,000, and you estimated that your insurance would cover $2,500 of it. Download 2010 tax forms You did not itemize deductions on your 2012 return, so you could not deduct the loss. Download 2010 tax forms When the insurance company reimburses you for the loss, you do not report any of the reimbursement as income. Download 2010 tax forms This is true even if it is for the full $3,000 because you did not deduct the loss on your 2012 return. Download 2010 tax forms The loss did not reduce your tax. Download 2010 tax forms    If the total of all the reimbursements you receive is more than your adjusted basis in the destroyed or stolen property, you will have a gain on the casualty or theft. Download 2010 tax forms If you have already taken a deduction for a loss and you receive the reimbursement in a later year, you may have to include the gain in your income for the later year. Download 2010 tax forms Include the gain as ordinary income up to the amount of your deduction that reduced your tax for the earlier year. Download 2010 tax forms You may be able to postpone reporting any remaining gain as explained under Postponement of Gain, later. Download 2010 tax forms Actual reimbursement same as expected. Download 2010 tax forms   If you receive exactly the reimbursement you expected to receive, you do not have to include any of the reimbursement in your income and you cannot deduct any additional loss. Download 2010 tax forms Example. Download 2010 tax forms In December 2013, you had a collision while driving your personal car. Download 2010 tax forms Repairs to the car cost $950. Download 2010 tax forms You had $100 deductible collision insurance. Download 2010 tax forms Your insurance company agreed to reimburse you for the rest of the damage. Download 2010 tax forms Because you expected a reimbursement from the insurance company, you did not have a casualty loss deduction in 2013. Download 2010 tax forms Due to the $100 rule, you cannot deduct the $100 you paid as the deductible. Download 2010 tax forms When you receive the $850 from the insurance company in 2014, do not report it as income. Download 2010 tax forms Deduction Limits After you have figured your casualty or theft loss, you must figure how much of the loss you can deduct. Download 2010 tax forms The deduction for casualty and theft losses of employee property and personal-use property is limited. Download 2010 tax forms A loss on employee property is subject to the 2% rule, discussed next. Download 2010 tax forms With certain exceptions, a loss on property you own for your personal use is subject to the $100 and 10% rules, discussed later. Download 2010 tax forms The 2%, $100, and 10% rules are also summarized in Table 2 . Download 2010 tax forms Losses on business property (other than employee property) and income-producing property are not subject to these rules. Download 2010 tax forms However, if your casualty or theft loss involved a home you used for business or rented out, your deductible loss may be limited. Download 2010 tax forms See the Instructions for Form 4684, Section B. Download 2010 tax forms If the casualty or theft loss involved property used in a passive activity, see Form 8582, Passive Activity Loss Limitations, and its instructions. Download 2010 tax forms 2% Rule The casualty and theft loss deduction for employee property, when added to your job expenses and most other miscellaneous itemized deductions on Schedule A (Form 1040) or Form 1040NR, Schedule A, must be reduced by 2% of your adjusted gross income. Download 2010 tax forms Employee property is property used in performing services as an employee. Download 2010 tax forms $100 Rule After you have figured your casualty or theft loss on personal-use property, as discussed earlier, you must reduce that loss by $100. Download 2010 tax forms This reduction applies to each total casualty or theft loss. Download 2010 tax forms It does not matter how many pieces of property are involved in an event. Download 2010 tax forms Only a single $100 reduction applies. Download 2010 tax forms Example. Download 2010 tax forms You have $750 deductible collision insurance on your car. Download 2010 tax forms The car is damaged in a collision. Download 2010 tax forms The insurance company pays you for the damage minus the $750 deductible. Download 2010 tax forms The amount of the casualty loss is based solely on the deductible. Download 2010 tax forms The casualty loss is $650 ($750 − $100) because the first $100 of a casualty loss on personal-use property is not deductible. Download 2010 tax forms Single event. Download 2010 tax forms   Generally, events closely related in origin cause a single casualty. Download 2010 tax forms It is a single casualty when the damage is from two or more closely related causes, such as wind and flood damage caused by the same storm. Download 2010 tax forms A single casualty may also damage two or more pieces of property, such as a hailstorm that damages both your home and your car parked in your driveway. Download 2010 tax forms Example 1. Download 2010 tax forms A thunderstorm destroyed your pleasure boat. Download 2010 tax forms You also lost some boating equipment in the storm. Download 2010 tax forms Your loss was $5,000 on the boat and $1,200 on the equipment. Download 2010 tax forms Your insurance company reimbursed you $4,500 for the damage to your boat. Download 2010 tax forms You had no insurance coverage on the equipment. Download 2010 tax forms Your casualty loss is from a single event and the $100 rule applies once. Download 2010 tax forms Figure your loss before applying the 10% rule (discussed later) as follows. Download 2010 tax forms     Boat Equipment 1. Download 2010 tax forms Loss $5,000 $1,200 2. Download 2010 tax forms Subtract insurance 4,500 -0- 3. Download 2010 tax forms Loss after reimbursement $ 500 $1,200 4. Download 2010 tax forms Total loss $1,700 5. Download 2010 tax forms Subtract $100 100 6. Download 2010 tax forms Loss before 10% rule $1,600 Example 2. Download 2010 tax forms Thieves broke into your home in January and stole a ring and a fur coat. Download 2010 tax forms You had a loss of $200 on the ring and $700 on the coat. Download 2010 tax forms This is a single theft. Download 2010 tax forms The $100 rule applies to the total $900 loss. Download 2010 tax forms Example 3. Download 2010 tax forms In September, hurricane winds blew the roof off your home. Download 2010 tax forms Flood waters caused by the hurricane further damaged your home and destroyed your furniture and personal car. Download 2010 tax forms This is considered a single casualty. Download 2010 tax forms The $100 rule is applied to your total loss from the flood waters and the wind. Download 2010 tax forms More than one loss. Download 2010 tax forms   If you have more than one casualty or theft loss during your tax year, you must reduce each loss by $100. Download 2010 tax forms Example. Download 2010 tax forms Your family car was damaged in an accident in January. Download 2010 tax forms Your loss after the insurance reimbursement was $75. Download 2010 tax forms In February, your car was damaged in another accident. Download 2010 tax forms This time your loss after the insurance reimbursement was $90. Download 2010 tax forms Apply the $100 rule to each separate casualty loss. Download 2010 tax forms Since neither accident resulted in a loss of over $100, you are not entitled to any deduction for these accidents. Download 2010 tax forms More than one person. Download 2010 tax forms   If two or more individuals (other than a husband and wife filing a joint return) have losses from the same casualty or theft, the $100 rule applies separately to each individual. Download 2010 tax forms Example. Download 2010 tax forms A fire damaged your house and also damaged the personal property of your house guest. Download 2010 tax forms You must reduce your loss by $100. Download 2010 tax forms Your house guest must reduce his or her loss by $100. Download 2010 tax forms Married taxpayers. Download 2010 tax forms   If you and your spouse file a joint return, you are treated as one individual in applying the $100 rule. Download 2010 tax forms It does not matter whether you own the property jointly or separately. Download 2010 tax forms   If you and your spouse have a casualty or theft loss and you file separate returns, each of you must reduce your loss by $100. Download 2010 tax forms This is true even if you own the property jointly. Download 2010 tax forms If one spouse owns the property, only that spouse can figure a loss deduction on a separate return. Download 2010 tax forms   If the casualty or theft loss is on property you own as tenants by the entirety, each of you can figure your deduction on only one-half of the loss on separate returns. Download 2010 tax forms Neither of you can figure your deduction on the entire loss on a separate return. Download 2010 tax forms Each of you must reduce the loss by $100. Download 2010 tax forms More than one owner. Download 2010 tax forms   If two or more individuals (other than a husband and wife filing a joint return) have a loss on property jointly owned, the $100 rule applies separately to each. Download 2010 tax forms For example, if two sisters live together in a home they own jointly and they have a casualty loss on the home, the $100 rule applies separately to each sister. Download 2010 tax forms 10% Rule You must reduce the total of all your casualty or theft losses on personal-use property by 10% of your adjusted gross income. Download 2010 tax forms Apply this rule after you reduce each loss by $100. Download 2010 tax forms For more information, see the Form 4684 instructions. Download 2010 tax forms If you have both gains and losses from casualties or thefts, see Gains and losses , later in this discussion. Download 2010 tax forms Example. Download 2010 tax forms In June, you discovered that your house had been burglarized. Download 2010 tax forms Your loss after insurance reimbursement was $2,000. Download 2010 tax forms Your adjusted gross income for the year you discovered the theft is $29,500. Download 2010 tax forms Figure your theft loss as follows. Download 2010 tax forms 1. Download 2010 tax forms Loss after insurance $2,000 2. Download 2010 tax forms Subtract $100 100 3. Download 2010 tax forms Loss after $100 rule $1,900 4. Download 2010 tax forms Subtract 10% of $29,500 AGI $2,950 5. Download 2010 tax forms Theft loss deduction $-0- You do not have a theft loss deduction because your loss ($1,900) is less than 10% of your adjusted gross income ($2,950). Download 2010 tax forms More than one loss. Download 2010 tax forms   If you have more than one casualty or theft loss during your tax year, reduce each loss by any reimbursement and by $100. Download 2010 tax forms Then you must reduce the total of all your losses by 10% of your adjusted gross income. Download 2010 tax forms Example. Download 2010 tax forms In March, you had a car accident that totally destroyed your car. Download 2010 tax forms You did not have collision insurance on your car, so you did not receive any insurance reimbursement. Download 2010 tax forms Your loss on the car was $1,800. Download 2010 tax forms In November, a fire damaged your basement and totally destroyed the furniture, washer, dryer, and other items you had stored there. Download 2010 tax forms Your loss on the basement items after reimbursement was $2,100. Download 2010 tax forms Your adjusted gross income for the year that the accident and fire occurred is $25,000. Download 2010 tax forms You figure your casualty loss deduction as follows. Download 2010 tax forms     Car Basement 1. Download 2010 tax forms Loss $1,800 $2,100 2. Download 2010 tax forms Subtract $100 per incident 100 100 3. Download 2010 tax forms Loss after $100 rule $1,700 $2,000 4. Download 2010 tax forms Total loss $3,700 5. Download 2010 tax forms Subtract 10% of $25,000 AGI 2,500 6. Download 2010 tax forms Casualty loss deduction $1,200 Married taxpayers. Download 2010 tax forms   If you and your spouse file a joint return, you are treated as one individual in applying the 10% rule. Download 2010 tax forms It does not matter if you own the property jointly or separately. Download 2010 tax forms   If you file separate returns, the 10% rule applies to each return on which a loss is claimed. Download 2010 tax forms More than one owner. Download 2010 tax forms   If two or more individuals (other than husband and wife filing a joint return) have a loss on property that is owned jointly, the 10% rule applies separately to each. Download 2010 tax forms Gains and losses. Download 2010 tax forms   If you have casualty or theft gains as well as losses to personal-use property, you must compare your total gains to your total losses. Download 2010 tax forms Do this after you have reduced each loss by any reimbursements and by $100 but before you have reduced the losses by 10% of your adjusted gross income. Download 2010 tax forms Casualty or theft gains do not include gains you choose to postpone. Download 2010 tax forms See Postponement of Gain, later. Download 2010 tax forms Losses more than gains. Download 2010 tax forms   If your losses are more than your recognized gains, subtract your gains from your losses and reduce the result by 10% of your adjusted gross income. Download 2010 tax forms The rest, if any, is your deductible loss from personal-use property. Download 2010 tax forms Example. Download 2010 tax forms Your theft loss after reducing it by reimbursements and by $100 is $2,700. Download 2010 tax forms Your casualty gain is $700. Download 2010 tax forms Your loss is more than your gain, so you must reduce your $2,000 net loss ($2,700 − $700) by 10% of your adjusted gross income. Download 2010 tax forms Gains more than losses. Download 2010 tax forms   If your recognized gains are more than your losses, subtract your losses from your gains. Download 2010 tax forms The difference is treated as a capital gain and must be reported on Schedule D (Form 1040). Download 2010 tax forms The 10% rule does not apply to your gains. Download 2010 tax forms Example. Download 2010 tax forms Your theft loss is $600 after reducing it by reimbursements and by $100. Download 2010 tax forms Your casualty gain is $1,600. Download 2010 tax forms Because your gain is more than your loss, you must report the $1,000 net gain ($1,600 − $600) on Schedule D (Form 1040). Download 2010 tax forms More information. Download 2010 tax forms   For information on how to figure recognized gains, see Figuring a Gain , later. Download 2010 tax forms Figuring the Deduction Generally, you must figure your loss separately for each item stolen, damaged, or destroyed. Download 2010 tax forms However, a special rule applies to real property you own for personal use. Download 2010 tax forms Real property. Download 2010 tax forms   In figuring a loss to real estate you own for personal use, all improvements (such as buildings and ornamental trees and the land containing the improvements) are considered together. Download 2010 tax forms Example 1. Download 2010 tax forms In June, a fire destroyed your lakeside cottage, which cost $144,800 (including $14,500 for the land) several years ago. Download 2010 tax forms (Your land was not damaged. Download 2010 tax forms ) This was your only casualty or theft loss for the year. Download 2010 tax forms The FMV of the property immediately before the fire was $180,000 ($145,000 for the cottage and $35,000 for the land). Download 2010 tax forms The FMV immediately after the fire was $35,000 (value of the land). Download 2010 tax forms You collected $130,000 from the insurance company. Download 2010 tax forms Your adjusted gross income for the year the fire occurred is $80,000. Download 2010 tax forms Your deduction for the casualty loss is $6,700, figured in the following manner. Download 2010 tax forms 1. Download 2010 tax forms Adjusted basis of the entire property (cost in this example) $144,800 2. Download 2010 tax forms FMV of entire property  before fire $180,000 3. Download 2010 tax forms FMV of entire property after fire 35,000 4. Download 2010 tax forms Decrease in FMV of entire property (line 2 − line 3) $145,000 5. Download 2010 tax forms Loss (smaller of line 1 or line 4) $144,800 6. Download 2010 tax forms Subtract insurance 130,000 7. Download 2010 tax forms Loss after reimbursement $14,800 8. Download 2010 tax forms Subtract $100 100 9. Download 2010 tax forms Loss after $100 rule $14,700 10. Download 2010 tax forms Subtract 10% of $80,000 AGI 8,000 11. Download 2010 tax forms Casualty loss deduction $ 6,700 Example 2. Download 2010 tax forms You bought your home a few years ago. Download 2010 tax forms You paid $150,000 ($10,000 for the land and $140,000 for the house). Download 2010 tax forms You also spent an additional $2,000 for landscaping. Download 2010 tax forms This year a fire destroyed your home. Download 2010 tax forms The fire also damaged the shrubbery and trees in your yard. Download 2010 tax forms The fire was your only casualty or theft loss this year. Download 2010 tax forms Competent appraisers valued the property as a whole at $175,000 before the fire, but only $50,000 after the fire. Download 2010 tax forms Shortly after the fire, the insurance company paid you $95,000 for the loss. Download 2010 tax forms Your adjusted gross income for this year is $70,000. Download 2010 tax forms You figure your casualty loss deduction as follows. Download 2010 tax forms 1. Download 2010 tax forms Adjusted basis of the entire property (cost of land, building, and landscaping) $152,000 2. Download 2010 tax forms FMV of entire property  before fire $175,000 3. Download 2010 tax forms FMV of entire property after fire 50,000 4. Download 2010 tax forms Decrease in FMV of entire property (line 2 − line 3) $125,000 5. Download 2010 tax forms Loss (smaller of line 1 or line 4) $125,000 6. Download 2010 tax forms Subtract insurance 95,000 7. Download 2010 tax forms Loss after reimbursement $30,000 8. Download 2010 tax forms Subtract $100 100 9. Download 2010 tax forms Loss after $100 rule $29,900 10. Download 2010 tax forms Subtract 10% of $70,000 AGI 7,000 11. Download 2010 tax forms Casualty loss deduction $ 22,900 Personal property. Download 2010 tax forms   Personal property is any property that is not real property. Download 2010 tax forms If your personal property is stolen or is damaged or destroyed by a casualty, you must figure your loss separately for each item of property. Download 2010 tax forms Then combine these separate losses to figure the total loss. Download 2010 tax forms Reduce the total loss by $100 and 10% of your adjusted gross income to figure the loss deduction. Download 2010 tax forms Example 1. Download 2010 tax forms In August, a storm destroyed your pleasure boat, which cost $18,500. Download 2010 tax forms This was your only casualty or theft loss for the year. Download 2010 tax forms Its FMV immediately before the storm was $17,000. Download 2010 tax forms You had no insurance, but were able to salvage the motor of the boat and sell it for $200. Download 2010 tax forms Your adjusted gross income for the year the casualty occurred is $70,000. Download 2010 tax forms Although the motor was sold separately, it is part of the boat and not a separate item of property. Download 2010 tax forms You figure your casualty loss deduction as follows. Download 2010 tax forms 1. Download 2010 tax forms Adjusted basis (cost in this example) $18,500 2. Download 2010 tax forms FMV before storm $17,000 3. Download 2010 tax forms FMV after storm 200 4. Download 2010 tax forms Decrease in FMV  (line 2 − line 3) $16,800 5. Download 2010 tax forms Loss (smaller of line 1 or line 4) $16,800 6. Download 2010 tax forms Subtract insurance -0- 7. Download 2010 tax forms Loss after reimbursement $16,800 8. Download 2010 tax forms Subtract $100 100 9. Download 2010 tax forms Loss after $100 rule $16,700 10. Download 2010 tax forms Subtract 10% of $70,000 AGI 7,000 11. Download 2010 tax forms Casualty loss deduction $ 9,700 Example 2. Download 2010 tax forms In June, you were involved in an auto accident that totally destroyed your personal car and your antique pocket watch. Download 2010 tax forms You had bought the car for $30,000. Download 2010 tax forms The FMV of the car just before the accident was $17,500. Download 2010 tax forms Its FMV just after the accident was $180 (scrap value). Download 2010 tax forms Your insurance company reimbursed you $16,000. Download 2010 tax forms Your watch was not insured. Download 2010 tax forms You had purchased it for $250. Download 2010 tax forms Its FMV just before the accident was $500. Download 2010 tax forms Your adjusted gross income for the year the accident occurred is $97,000. Download 2010 tax forms Your casualty loss deduction is zero, figured as follows. Download 2010 tax forms     Car Watch 1. Download 2010 tax forms Adjusted basis (cost) $30,000 $250 2. Download 2010 tax forms FMV before accident $17,500 $500 3. Download 2010 tax forms FMV after accident 180 -0- 4. Download 2010 tax forms Decrease in FMV (line 2 − line 3) $17,320 $500 5. Download 2010 tax forms Loss (smaller of line 1 or line 4) $17,320 $250 6. Download 2010 tax forms Subtract insurance 16,000 -0- 7. Download 2010 tax forms Loss after reimbursement $1,320 $250 8. Download 2010 tax forms Total loss $1,570 9. Download 2010 tax forms Subtract $100 100 10. Download 2010 tax forms Loss after $100 rule $1,470 11. Download 2010 tax forms Subtract 10% of $97,000 AGI 9,700 12. Download 2010 tax forms Casualty loss deduction $ -0- Both real and personal properties. Download 2010 tax forms   When a casualty involves both real and personal properties, you must figure the loss separately for each type of property. Download 2010 tax forms However, you apply a single $100 reduction to the total loss. Download 2010 tax forms Then, you apply the 10% rule to figure the casualty loss deduction. Download 2010 tax forms Example. Download 2010 tax forms In July, a hurricane damaged your home, which cost you $164,000 including land. Download 2010 tax forms The FMV of the property (both building and land) immediately before the storm was $170,000 and its FMV immediately after the storm was $100,000. Download 2010 tax forms Your household furnishings were also damaged. Download 2010 tax forms You separately figured the loss on each damaged household item and arrived at a total loss of $600. Download 2010 tax forms You collected $50,000 from the insurance company for the damage to your home, but your household furnishings were not insured. Download 2010 tax forms Your adjusted gross income for the year the hurricane occurred is $65,000. Download 2010 tax forms You figure your casualty loss deduction from the hurricane in the following manner. Download 2010 tax forms 1. Download 2010 tax forms Adjusted basis of real property (cost in this example) $164,000 2. Download 2010 tax forms FMV of real property before hurricane $170,000 3. Download 2010 tax forms FMV of real property after hurricane 100,000 4. Download 2010 tax forms Decrease in FMV of real property (line 2 − line 3) $70,000 5. Download 2010 tax forms Loss on real property (smaller of line 1 or line 4) $70,000 6. Download 2010 tax forms Subtract insurance 50,000 7. Download 2010 tax forms Loss on real property after reimbursement $20,000 8. Download 2010 tax forms Loss on furnishings $600 9. Download 2010 tax forms Subtract insurance -0- 10. Download 2010 tax forms Loss on furnishings after reimbursement $600 11. Download 2010 tax forms Total loss (line 7 plus line 10) $20,600 12. Download 2010 tax forms Subtract $100 100 13. Download 2010 tax forms Loss after $100 rule $20,500 14. Download 2010 tax forms Subtract 10% of $65,000 AGI 6,500 15. Download 2010 tax forms Casualty loss deduction $14,000 Property used partly for business and partly for personal purposes. Download 2010 tax forms   When property is used partly for personal purposes and partly for business or income-producing purposes, the casualty or theft loss deduction must be figured separately for the personal-use portion and for the business or income-producing portion. Download 2010 tax forms You must figure each loss separately because the losses attributed to these two uses are figured in two different ways. Download 2010 tax forms When figuring each loss, allocate the total cost or basis, the FMV before and after the casualty or theft loss, and the insurance or other reimbursement between the business and personal use of the property. Download 2010 tax forms The $100 rule and the 10% rule apply only to the casualty or theft loss on the personal-use portion of the property. Download 2010 tax forms Example. Download 2010 tax forms You own a building that you constructed on leased land. Download 2010 tax forms You use half of the building for your business and you live in the other half. Download 2010 tax forms The cost of the building was $400,000. Download 2010 tax forms You made no further improvements or additions to it. Download 2010 tax forms A flood in March damaged the entire building. Download 2010 tax forms The FMV of the building was $380,000 immediately before the flood and $320,000 afterwards. Download 2010 tax forms Your insurance company reimbursed you $40,000 for the flood damage. Download 2010 tax forms Depreciation on the business part of the building before the flood totaled $24,000. Download 2010 tax forms Your adjusted gross income for the year the flood occurred is $125,000. Download 2010 tax forms You have a deductible business casualty loss of $10,000. Download 2010 tax forms You do not have a deductible personal casualty loss because of the 10% rule. Download 2010 tax forms You figure your loss as follows. Download 2010 tax forms     Business   Personal     Part   Part 1. Download 2010 tax forms Cost (total $400,000) $200,000   $200,000 2. Download 2010 tax forms Subtract depreciation 24,000   -0- 3. Download 2010 tax forms Adjusted basis $176,000   $200,000 4. Download 2010 tax forms FMV before flood (total $380,000) $190,000   $190,000 5. Download 2010 tax forms FMV after flood (total $320,000) 160,000   160,000 6. Download 2010 tax forms Decrease in FMV  (line 4 − line 5) $30,000   $30,000 7. Download 2010 tax forms Loss (smaller of line 3 or line 6) $30,000   $30,000 8. Download 2010 tax forms Subtract insurance 20,000   20,000 9. Download 2010 tax forms Loss after reimbursement $10,000   $10,000 10. Download 2010 tax forms Subtract $100 on personal-use property -0-   100 11. Download 2010 tax forms Loss after $100 rule $10,000   $9,900 12. Download 2010 tax forms Subtract 10% of $125,000 AGI on personal-use property -0-   12,500 13. Download 2010 tax forms Deductible business loss $10,000     14. Download 2010 tax forms Deductible personal loss $-0- Figuring a Gain If you receive an insurance payment or other reimbursement that is more than your adjusted basis in the destroyed, damaged, or stolen property, you have a gain from the casualty or theft. Download 2010 tax forms Your gain is figured as follows. Download 2010 tax forms The amount you receive (discussed next), minus Your adjusted basis in the property at the time of the casualty or theft. Download 2010 tax forms See Adjusted Basis , earlier, for information on adjusted basis. Download 2010 tax forms Even if the decrease in FMV of your property is smaller than the adjusted basis of your property, use your adjusted basis to figure the gain. Download 2010 tax forms Amount you receive. Download 2010 tax forms   The amount you receive includes any money plus the value of any property you receive minus any expenses you have in obtaining reimbursement. Download 2010 tax forms It also includes any reimbursement used to pay off a mortgage or other lien on the damaged, destroyed, or stolen property. Download 2010 tax forms Example. Download 2010 tax forms A hurricane destroyed your personal residence and the insurance company awarded you $145,000. Download 2010 tax forms You received $140,000 in cash. Download 2010 tax forms The remaining $5,000 was paid directly to the holder of a mortgage on the property. Download 2010 tax forms The amount you received includes the $5,000 reimbursement paid on the mortgage. Download 2010 tax forms Main home destroyed. Download 2010 tax forms   If you have a gain because your main home was destroyed, you generally can exclude the gain from your income as if you had sold or exchanged your home. Download 2010 tax forms You may be able to exclude up to $250,000 of the gain (up to $500,000 if married filing jointly). Download 2010 tax forms To exclude a gain, you generally must have owned and lived in the property as your main home for at least 2 years during the 5-year period ending on the date it was destroyed. Download 2010 tax forms For information on this exclusion, see Publication 523. Download 2010 tax forms If your gain is more than the amount you can exclude, but you buy replacement property, you may be able to postpone reporting the excess gain. Download 2010 tax forms See Postponement of Gain , later. Download 2010 tax forms Reporting a gain. Download 2010 tax forms   You generally must report your gain as income in the year you receive the reimbursement. Download 2010 tax forms However, you do not have to report your gain if you meet certain requirements and choose to postpone reporting the gain according to the rules explained under Postponement of Gain, next. Download 2010 tax forms   For information on how to report a gain, see How To Report Gains and Losses , later. Download 2010 tax forms    If you have a casualty or theft gain on personal-use property that you choose to postpone reporting (as explained next) and you also have another casualty or theft loss on personal-use property, do not consider the gain you are postponing when figuring your casualty or theft loss deduction. Download 2010 tax forms See 10% Rule under Deduction Limits, earlier. Download 2010 tax forms Postponement of Gain Do not report a gain if you receive reimbursement in the form of property similar or related in service or use to the destroyed or stolen property. Download 2010 tax forms Your basis in the new property is generally the same as your adjusted basis in the property it replaces. Download 2010 tax forms You must ordinarily report the gain on your stolen or destroyed property if you receive money or unlike property as reimbursement. Download 2010 tax forms However, you can choose to postpone reporting the gain if you purchase property that is similar or related in service or use to the stolen or destroyed property within a specified replacement period, discussed later. Download 2010 tax forms You also can choose to postpone reporting the gain if you purchase a controlling interest (at least 80%) in a corporation owning property that is similar or related in service or use to the property. Download 2010 tax forms See Controlling interest in a corporation , later. Download 2010 tax forms If you have a gain on damaged property, you can postpone reporting the gain if you spend the reimbursement to restore the property. Download 2010 tax forms To postpone reporting all the gain, the cost of your replacement property must be at least as much as the reimbursement you receive. Download 2010 tax forms If the cost of the replacement property is less than the reimbursement, you must include the gain in your income up to the amount of the unspent reimbursement. Download 2010 tax forms Example. Download 2010 tax forms In 1970, you bought an oceanfront cottage for your personal use at a cost of $18,000. Download 2010 tax forms You made no further improvements or additions to it. Download 2010 tax forms When a storm destroyed the cottage this January, the cottage was worth $250,000. Download 2010 tax forms You received $146,000 from the insurance company in March. Download 2010 tax forms You had a gain of $128,000 ($146,000 − $18,000). Download 2010 tax forms You spent $144,000 to rebuild the cottage. Download 2010 tax forms Since this is less than the insurance proceeds received, you must include $2,000 ($146,000 − $144,000) in your income. Download 2010 tax forms Buying replacement property from a related person. Download 2010 tax forms   You cannot postpone reporting a gain from a casualty or theft if you buy the replacement property from a related person (discussed later). Download 2010 tax forms This rule applies to the following taxpayers. Download 2010 tax forms C corporations. Download 2010 tax forms Partnerships in which more than 50% of the capital or profits interests is owned by C corporations. Download 2010 tax forms All others (including individuals, partnerships — other than those in (2) — and S corporations) if the total realized gain for the tax year on all destroyed or stolen properties on which there are realized gains is more than $100,000. Download 2010 tax forms For casualties and thefts described in (3) above, gains cannot be offset by any losses when determining whether the total gain is more than $100,000. Download 2010 tax forms If the property is owned by a partnership, the $100,000 limit applies to the partnership and each partner. Download 2010 tax forms If the property is owned by an S corporation, the $100,000 limit applies to the S corporation and each shareholder. Download 2010 tax forms Exception. Download 2010 tax forms   This rule does not apply if the related person acquired the property from an unrelated person within the period of time allowed for replacing the destroyed or stolen property. Download 2010 tax forms Related persons. Download 2010 tax forms   Under this rule, related persons include, for example, a parent and child, a brother and sister, a corporation and an individual who owns more than 50% of its outstanding stock, and two partnerships in which the same C corporations own more than 50% of the capital or profits interests. Download 2010 tax forms For more information on related persons, see Nondeductible Loss under Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Download 2010 tax forms Death of a taxpayer. Download 2010 tax forms   If a taxpayer dies after having a gain but before buying replacement property, the gain must be reported for the year in which the decedent realized the gain. Download 2010 tax forms The executor of the estate or the person succeeding to the funds from the casualty or theft cannot postpone reporting the gain by buying replacement property. Download 2010 tax forms Replacement Property You must buy replacement property for the specific purpose of replacing your destroyed or stolen property. Download 2010 tax forms Property you acquire as a gift or inheritance does not qualify. Download 2010 tax forms You do not have to use the same funds you receive as